The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (18-January-2007)
    PACRA Assigns Star Ratings to Islamic Funds Based on Performance During FY06
 

 

Analysts
Moin Khalid
(+92-42-586 9504)
moin@pacra.com

Maimoon Rasheed
(+92-42-586 9504)
maimoon@pacra.com

Usman Khizer
(+92-42-586 9504)
ukhizer@pacra.com

 

 

 







 

 

 

 

 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency Limited (PACRA) has completed its review of the performance of mutual funds, leading to assigning of star ratings to funds. The review included all Islamic funds, which were fully operational during FY06. An Islamic fund is a fund that invests in shariah compliant instruments only.

The star ratings measure the performance of the funds not only on the returns given by these funds over the period of analysis (12 months of FY06) but also the risk – measured by variability in return over monthly periods. The rating of a fund is comparable only to ratings of other funds in the same category. The following is a list of PACRA’s latest publicly disseminated star ratings of Islamic funds:

 

FUND ASSET MANAGER
STAR RATING
1)- Al Meezan Mutual Fund Limited Al Meezan Investment Management Limited
4-Star
2)- Meezan Balanced Fund Al Meezan Investment Management Limited
5-Star
3)- Meezan Islamic Fund Al Meezan Investment Management Limited
5-Star
4)- UTP Islamic Fund JS ABAMCO Limited
5-Star

Rating Scale:

 
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
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